How to open a bank account with National Bank Australia. The requirements, account types and fees.

These days, choosing a bank to open an account with can be quite overwhelming. If you are looking to open an account with one of Australia's "big four" — then National Australia Bank (NAB), might be a great option for you.

Through this guide, we will go through the ins and outs of opening a new bank account with NAB, but also introduce you to another great alternative that can cater to most of your everyday local and international banking needs. Let’s jump right in.

💸 Looking for a stress-free international account, with your very own local AUD account details?

Learn more about the
Wise Account

Types of accounts offered by NAB

There are several different account options you can open with NAB. These include:

• NAB classic banking account²
• NAB Reward and iSaver accounts³
• Joint bank accounts⁵

How do you open these account types?

You can open an NAB bank account online through their website or by visiting a branch. If you are an existing NAB customer, you can easily open an extra account through the NAB mobile app by¹:

1. Logging into the NAB app
2. Click “more” in the bottom right corner
3. Click “new account”
4. Choose which account you want to open

If you aren’t already an NAB customer, keep reading to check out the steps to open a bank account with NAB.

How to open an NAB classic banking account with NAB?

NAB classic banking account is NAB’s everyday transaction account. Opening an account only takes 5 minutes and comes with your own NAB Visa card for easy everyday spending. Below are the steps to open an account online or via the NAB mobile app².

Open your account Online

1. Click “Get started” here
2. Fill in the application details
3. Tell NAB about yourself
4. Verify your identity
5. Decide if you want to open any additional accounts at the same time
6. Decide on the colour of your NAB visa debit card or if you would like an NAB Platinum Visa card.
7. Submit

Open your account via the Mobile App

1. Download the **NAB Mobile Banking** via the Apple store or Google play
2. Register
3. Follow the prompts to set up online banking

How to open a savings account with NAB?

NAB has two account options for those that want to grow their savings, the NAB iSaver and NAB Rewards account. As a new customer, you can open either of these accounts through the NAB website or at a branch. However, before you do this, you need to understand the differences and requirements of holding either account.

Opening an NAB iSaver Account

An NAB iSaver account allows you to benefit from a 0.30% p.a. introductory rate for the first four months from opening, while allowing you to deposit and withdraw funds anytime³.

To open an NAB iSaver account, you will also be required to open and maintain an eligible NAB transaction account that will be automatically linked. You can either choose to open an NAB iSaver and let NAB open an NAB classic account automatically or choose to add this account type through the NAB classic account application⁴.

Opening an NAB Rewards account

The NAB Rewards account is for those who want to accrue interest through regular monthly deposits and no withdrawals. This savings account offers a variable rate of 0.25% p.a. for each month you don’t make any withdrawals and make a deposit before the second last banking day³.

You can open this account online through the NAB website or by visiting a branch. Note that withdrawals from this account can only be made in branch with a suitable ID⁴.

How to open a joint account with NAB?

Joint accounts are available for NAB classic banking or both savings accounts and make managing shared expenses easier. It is possible to open a joint account online only if both parties are new customers to NAB or existing customers who already have a joint account at NAB⁵.

The same steps apply as above, but you must click “2” when asked how many people are applying on the first step of the application.

Unfortunately, if only one of you is already a customer but wants to add someone to your account, you must visit a branch to set this up⁵.

Open an NAB Bank account from overseas

NAB also offers the possibility for expats moving to Australia on a valid visa to open an NAB classic bank account from overseas. You can look into opening an account through the NAB Migrant banking channel⁶.

Note that this process takes a tad longer than the standard application done within Australia (3 business days)⁶.

Cost, running fees that come with the NAB classic account

Let's take a look at the fees associated with holding an account with NAB. Now is also the perfect time to introduce you to Wise, an alternative banking option with comparable benefits for much of your banking needs.

Account runninc costs of an NAB account vs Wise

Fees	NAB – Account	Wise Multi-currency account*
Account monthly fees	No fee²	Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD
International transfer fee (for a sample amount of $1,000 AUD to GBP)	Transfer in foreign currency = $10 (+ any overseas bank charges) Transfer in AUD = $30⁸	Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here.
ATM withdrawals	Free from NAB ATMs Fees may apply other ATM providers within Australia Overseas withdrawals = $5 per withdrawal + 3% AUD of transaction for withdrawals in other currency + $1 (if balance enquiry requested)⁹	You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.
Card maintenance fees	NAB Visa Debit = None NAB Platinum Visa Debit = $10 per month, per card¹⁰	None

*Information last checked on 14 January, 2022

As you can see above, there are some comparable benefits in choosing to bank with Wise. It is especially beneficial if you need to send or receive money from abroad or withdraw funds in an overseas currency while travelling overseas.

Even if you choose to open an NAB account, you can easily transfer funds between your NAB account and Wise AUD account, benefitting from the perks of both account options.

What do I need to open an NAB account? Requirements, documents and what to know.

Next, we will go through answers to some common questions regarding other requirements, documents and how to contact NAB directly if any issues arise.

Which documents do I need to open an account?

To open an account you will need to have handy either your Passport, drivers licence or Medicare card. You must also be over the age of 16 and an Australian tax resident².

Do I need to deposit money to open an NAB account?

There is no minimum deposit required for an NAB classic banking account or both savings accounts mentioned⁷.

Do I need to go to a bank branch, can I do this online or from abroad?

Fortunately, most bank accounts can be opened online through NAB’s website.
If you are currency abroad, you can look into opening an account through the NAB Migrant banking channel⁶.

NAB contact details.

You can contact NAB by¹²:

• Calling 132265
• Call from overseas on +61386419121 (call costs apply)

Alternatives to NAB

If you aren’t convinced that NAB is for you yet, then you can check out the alternative top banks in Australia – CommBank, Westpac or ANZ banking group – to open an account with.

Check Wise out

Wise offers international payment services as well as a smart and flexible Multi-Currency account. If you’re looking for an alternative to traditional banks, which also cuts the costs of sending money overseas, Wise is tailor-made for you.

Your multi-currency account can hold 40+ currencies, receive fee free payments using your very own AUD account details, send money to 160+ countries, always using the mid-market rate — with a low and transparent fee. You can also have a debit card to spend with at home and avoid foreign transaction fees while abroad.

If you’re an expat, this could be a great money-saving option for sending money to and from your Australian bank account before the big move.

Register your Wise account in minutes

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Sources:

1. NAB Bank - Existing customer
2. NAB Bank - Classic account
3. NAB Bank - iSaver account
4. NAB Bank - Rewards account
5. NAB Bank - Joint account
6. NAB Bank - Open account from overseas
7. NAB Bank -Fees and charges schedule
8. NAB Bank - Fees and charges p.7
9. NAB Bank - Fees and charges p.14
10. NAB Bank - Fees and charges p.6
11. NAB Bank - Telephone banking
12. NAB Bank - Contact
    Sources checked on: 17th January 2021